# Lionsgold Ltd Broaden it’s operational scope

- Link: https://www.directorstalkinterviews.com/lionsgold-ltd-broaden-operational-scope/412726386
- Published: 2017-03-30T07:19:09+01:00
- Author: Giles Arbor

**Lionsgold Ltd** (LON:LION), formerly known as Kolar Gold Limited, the India-focused
gold exploration company with additional exploration assets in Finland and an interest
in a physical gold online trading platform, announced today its unaudited results
for the six months ended 31 December 2016.

**Highlights for the period:**

· Refinancing and refocussing the Company through £900,000 placing and introduction
of new management and entirely new board of directors;
 · Positive review of existing
interests in India through 20.5% holding in leading India gold exploration and mine
development company, Geomysore Services (India) Private Limited (“Geomysore”), including
significant upgrade in JORC compliant resource at the most advanced project, Jonnagiri;·
Jurisdictional diversification achieved through investment into Finnish gold exploration
project (commencing with a 15.4% interest in Kalevala Gold Oy (“Kalevala”) and increasing
stake to 28.3%); · 50/50 Joint Venture with TRAC Technology Limited (“TRAC”) to 
launch physical gold holding and trading platform for retail users in India; · Strategic
equity position acquired in TRAC of 27.3%; · Clearing of legacy expenses incurred
under previous decentralised management; · Loss after tax for the period of £452,979(
2015: £533,065); and · Post period end, rebranding and change of name to Lionsgold
Limited.

> **Cameron Parry, Chief Executive Officer of Lionsgold Ltd, commented:** “The first
> six months of this financial year has seen a great deal of activity for the Company
> as the new Board undertook steps to broaden the operational scope of the Company
> whilst looking to open up our interests in India. We now have three complementary
> gold-focused divisions all of which have important milestones pending over the
> coming months.
> “Our India partners, Geomysore (of which Lionsgold owns 20.5%), are close to the
> conclusion of the economic feasibility study which takes us to the ‘decision to
> mine’ stage around the end of May this year. Lionsgold has also commissioned a
> valuation report on the entirety of Geomysore’s licences and licence applications
> in India which we expect to complete in early April. Our Finnish operating company,
> Kalevala Gold Oy, continues to progress preparatory work in the lead up to bulk
> sampling and resulting gold production in Q3 2017. In addition, we are on the 
> cusp of going live with our newly branded physical gold and silver online holding
> and trading platform initially targeting the India market.
> “We look forward to providing further updates on each of our divisions in the 
> coming weeks and months.”

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